Market research company Fundstrat has produced details of a survey that indicates institutional cryptocurrency investors have a bullish attitude towards Bitcoin’s performance in circumstances of an economic crisis such as a recession.
Key findings of the survey:
- 72% of institutional investors believe the price of cryptocurrencies will rise if there is a recession;
- 44% of these investors believe such an economic crisis is coming in the next 18 months;
- 60% think that the US has the correct regulatory stance for the industry, and believe the rest of the world will follow suit;
- 59% believe Bitcoin will be the best performing crypto in 2019.
A consensus from investors and the Twittersphere
Fundstrat shared that alongside 72% of institutional investors that believe a recession will spur a cryptocurrency price surge, 59% of respondents to a Twitter poll voted in the same way.
While there was no clear consensus from investors on whether a recession will affect the US in the next 18 months, in parts of the world already suffering, cryptocurrency markets have already begun to grow.
Bitcoin News recently reported on the economic crisis in Venezuela where Bitcoin is being used in mass for charitable donations. The adoption of other digital currencies has also become an increasingly popular way to avoid losing money due to hyperinflation. Dash has become so popular, fast food chain Subway now accepts it as a payment method.
In Iran, a travel startup calling itself IranbyBit is exclusively accepting Bitcoin as payment for a range of travel options that they offer as a way of avoiding economic sanctions on the country that are preventing economic growth.
The future for crypto
Given four choices to vote from in regard to the future of regulation, institutional investors voted overwhelmingly at 60% that the US’s strict stance was the correct one, and that the rest of the world will follow its lead. Just 12% said that they believe the global regulatory structure will remain fragmented.
Perhaps, unsurprisingly, 59% said they think Bitcoin will be the best performing cryptocurrency next year, with Neo, Tron and Stellar, all receiving just 5% of the vote apiece.
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